Vale Taps Murilo Ferreira as CEO

Brazilian mining giant Vale S.A. (VALE) on Monday named Murilo Ferreira as its new chief executive, replacing Roger Agnelli who will leave the helm of the company after years of criticism by political leaders that he was not doing enough to spur Brazil’s economic development.

“Murilo Ferreira was nominated by the controlling shareholders of Vale among a list of three candidates recommended by an international executive search company,” Vale said in a statement.

Ferreira, 58, joined Vale, the world’s largest iron ore producer, in 1998 in its aluminum division and later went on to lead the Canadian nickel operations that the company acquired in 2006. He left the company in 2008 for personal reasons, Vale said, adding he has been working in the mining business for 30 years.

The nomination of Mr. Ferreira will take effect on May 22, after the end of the mandate of Mr. Agnelli.

The nomination is subject to approval of Vale’s Board of Directors, in a meeting yet to be announced.

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